£21m World Grand Prix Breakthrough
	17th May 2001 Heralded as the biggest deal ever in squash, Fablon’s stake in the PSA’s new World Grand Prix has the ability to change the sport. Ian McKenzie explains the background and talks to the PSA’s Gawain Briars and Fablon’s Karl Oliver ...	Gawain Briars and Karl Oliver sign the agreement

The Professional Squash Association (PSA) and Fablon Investments, the sports rights company, have announced the creation of an all new PSA World Grand Prix circuit in an historic £21 million agreement.

"This is a whole new deal. It is the greatest opportunity ever for squash," said Gawain Briars Executive Director of the PSA.

Fablon have already shown a massive commitment to the sport, and through their sister company the Eye Group have sponsored the British Open, the Women’s World Open and the Women’s World Team Championships as well as underwritten the women’s circuit. The absence of major international men’s tournaments outside the UK has been a gap in the group’s portfolio of events, which is now rectified. Fablon have now practically bought the sport.

"We are delighted to announce the single largest and most significant agreement in the history of squash," said Fablon’s Karl Oliver. "We are very grateful to the PSA in helping to make this happen. The benefits of this agreement are great for Fablon/Eye Group, the PSA and the world of squash. The establishment of the World Grand Prix will allow a certainty, continuity, stability and consistency that has been missing previously from the tour."

"The objective is to set down a long term plan and schedule. I think this is something craved by the four main audiences that the PSA, Fablon and the Eye Group wish to address – the global commercial market place; the commercial television industry, who are keen to schedule events well in advance; the global consumer; and the global sports media."

New World Circuit
The new world circuit will be made up of eight major events – all national open tournaments. A number of events on the Tour at present could be included – for example the British, Hong Kong and US Opens – but new events can be expected as well. Grand Prix Finals will be held at the end of the Grand Prix year. The new circuit will start with the British Open in April 2002. Fablon have obtained the rights to the World Grand Prix from 2002- to 2009.

Four of the eight events will have Grand Slam status, a new premier status, for which the final details are still to be worked out.

Fablon will own the rights to the World Grand Prix and will work with associations, individual promoters and rights owners. They will underwrite increased prize money for Grand Prix events.

World Grand Prix events will have minimum prize fund levels of $112,500 with a 32 main draw and 32 draw qualification draw. The World Grand Prix Finals will be a 16 player event with $150,000 in prize money available. A re-assessment can be expected as to whether ranking points will be available for this event. In the past they have not but officials are now considering it as they feel it could lead to greater player commitment.

At present the World Open falls outside the Fablon agreement but it could be incorporated into the Grand Prix in future.

The World Grand Prix will supersede the Super Series and have premier status. Although final details are to be worked out the Super Series could become a secondary circuit.

Starting in April 2002 the Grand Prix circuit could look something like this: April: British Open, May: Spanish Open, June: European Open, July: Malaysian Open, August: Hong Kong Open, September: Dubai Open, October: US Open, November: World GP Finals, December: World Open.

The schedule is expected to be confirmed this August.

TV is the Key
Key to the success of the Grand Prix will be the role of TV. Eye Group coverage of the British Open has been well received. A fuller investment in crews and equipment and the development of new techniques including the camera on a boom, the Jimmy Jib, which gives a three dimensional perspective on the game has created a more dynamic product. The TV initiative coincided with the development of the ASB glass court providing a new clarity of picture.

"Photography through glass is a lot clearer than through murky perspex for both photographs and TV," says the Squash Player photographer Steve Line. "And the court is cleaner and looks better. It is fitting for world class professional events."

It is expected that use of the new glass court will be a requirement for World Grand Prix status.

Dunlop, in developing their new range of balls, produced a 12% larger beginner’s ball and a 6% larger improver’s ball. The technology and productive capability is there now to produce larger balls. In the Hurghada event a 6% larger ball was used with acceptable playing characteristics and improved TV visibility.

Fablon's Role
Fablon will underwrite the events, the staging of the events and the Grand Prix costs. In prize money terms this comes to $10.5 million over eight years. In return for their investment they will receive the rights to exploit the Grand Prix commercially.

Events selected for the Grand Prix will be in countries where domestic live TV of at least the semi-finals and finals can be broadcast. Fablon’s Karl Oliver emphasises the necessity for ‘continuity and consistency,’ in producing a ‘long term plan’ and a schedule of annual events that will give the TV company security.

Fablon believe that squash, while not a major sport, is both global and under-exploited. Their rights will comprise: sponsorship, broadcast rights, merchandise and licensing rights, and publishing rights.

Sponsorship rights will include: title sponsorship, associate sponsorship, official supplier and local event sponsors. Broadcast rights will involve all live and future programmes, new media rights, internet and web casting, e-commerce and pay-per-view. Merchandise and Licensing rights will be for the PSA World Grand Prix Tour. Also involved are ticketing, retail exhibition, catering and hospitality rights.

Fablon Investments is a private company partnered by Karl Oliver and Graham Guttridge. They are the ‘prime investment company.’ The Eye Group, at present funded by private investors, is responsible for the commercial exploitation of the rights through a licensing agreement with Fablon and it is they who will be involved in managing the events, sponsorship and TV. In future, perhaps later this year, it is planned to float the Eye Group probably on the Alternative Investment Market.

In this agreement Fablon have pulled a number of elements that needed to be bought together and in so doing have provided a great service to the sport. To be secure in the long term the rights they have obtained will have to be successfully exploited and with this the long term future of squash will be secure.

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